Integral Parts of the Managerial Process of Crafting and Executing

question 23

Multiple Choice

Integral parts of the managerial process of crafting and executing strategy include

• A)developing a strategic vision, strategic management, and crafting a strategy.
• B)developing a proven business model, deciding on the company's strategic intent, and crafting a strategy.
• C)strategic management, crafting a strategy, implementing and executing the chosen strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.
• D)coming up with a statement of the company's mission and purpose, strategic management, choosing what business approaches to employ, selecting a business model, and monitoring developments.
• E)deciding on the company's strategic intent, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.

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Definitions:

Competitive Firms

Companies that operate in a market where there are many buyers and sellers, such that no single entity can dictate the market price of goods and services.

Price

The monetary value that must be paid to secure a good or service.

Product

Anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.

Total Revenues

The total income generated from the sale of goods or services before any costs are subtracted.